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Friday SWFI News Roundup, February 27, 2015

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Coller Capital Leads Restructuring of Irving Place Capital Partners III

London-based Coller Capital, a secondaries firm, is leading an investor group to restructure a US$ 2.7 billion fund, Irving Place Capital Partners III, managed by Irving Place Capital Management. The fund was raised before the financial crisis in 2006. Abu Dhabi Investment Authority (ADIA) is rumored to be partnering with Coller Capital on the fund restructuring.

Temasek Welcomes New CEO

Singapore’s Temasek Holdings is the largest shareholder of Standard Chartered PLC. In addition, Temasek does not hold a board seat on the bank. The sovereign wealth fund welcomed the move of Bill Winters replacing Peter Sands as chief executive officer. Winters is the former co-CEO of JP Morgan Chase investment bank.

Federal Retirement Thrift Investment Board Selects Ravindra Deo as New Chief Investment Officer

Ravindra Deo was named chief investment officer of the Federal Retirement Thrift Investment Board (FRTIB). The board oversees the US$ 437 billion Thrift Savings Plan. Deo replaces CIO Tracey Ray on April 1, 2015. Ray had the CIO role for 10 years and is retiring. Deo was the chief investment officer and chief technology officer of New York-based Altura Capital Group. Before Altura Capital Group, Deo held CIO roles at Accessor Capital Management LP (acquired by Forward Management in 2008) and Leland O’Brien Rubinstein Associates, Inc.

Japan and Qatar Investor Group to Evaluate Turkish Energy Projects

An investor group made up of: Mitsubishi Corporation, Marubeni, Chubu Electric Power, Nebras Power and Qatar Holding signed an agreement to look over large-scale energy projects in Turkey. The investor group will analyze and evaluate development projects with regard to lignite power plants.

Angola’s Sovereign Wealth Fund Looks to Diversify its Assets

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Anne Sheehan to Retire, CalSTRS 1st Corp Gov Director

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Anne Sheehan, the first Corporate Governance Director at California State Teachers’ Retirement System (CalSTRS) and the current one, plans to retire March 30, 2018. Sheehan’s team manages an activist portfolio worth around US$ 4.1 billion, seeking to influence and help turnaround its large portfolio holdings in select public companies. Sheehan was hired back in 2008.

Christopher J. Ailman, CalSTRS’ chief investment officer, said in a organization release, “Anne has been my most unconventional, best hire.”

A replacement search is underway.

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Temasek Rides with Google on Go-Jek

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Singapore’s Temasek Holdings has reportedly joined forces with Google LLC and Chinese on-demand service provider Meituan-Dianping as part of a US$ 1.2 billion fundraising effort for Indonesian ride-hailing startup Go-Jek that has put regional rivals like Uber and Singapore-based Grab on notice.

Screen Shot Go-Jek, January 19, 2018

Although exact figures for individual stakes have so far been kept secret, the new infusion of capital puts Go-Jek, incorporated as PT Aplikasi Karya Anak Bangsa, at a valuation of roughly US$ 4 billion. Samsung Venture Investment Corporation also participated in funding, as well as existing private equity investors KKR & Co. LP and Warburg Pincus LLC.

Google’s direct involvement in Go-Jek’s growth – rather than through its Google Ventures unit – highlights its faith in the latent potential of ride-sharing services – and the tech-enabled consumer services sector as a whole – in Southeast Asia. Home to more than 640 million potential customers, the region was identified as the fastest growing emerging market for e-commerce globally in an industry report published jointly by Google and Temasek last December. According to data compiled by the internet-giant and the Singaporean sovereign wealth fund, ride-sharing in Southeast Asia is expected to grow into a US$ 20.1 billion industry by 2025, compared to US$ 5.1 billion in 2017.

2011 Origin Story

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Temasek Leads Series B Round for Chinese Robo Startup Rokid

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Rokid Corporation Limited, a Chinese robotics startup that specializes in smart devices assisted by artificial intelligence (AI), announced the closing of a Series B extension round through its WeChat account on January 18, 2018. The capital-raising effort was led by Singapore’s Temasek Holdings, with additional contributions from Credit Suisse Group, China Development Bank’s overseas investment arm CDIB Capital International, and existing investor IDG Capital. Although Rokid did not disclose the size or terms of the deal in its announcement, the technology company reportedly secured US$ 100 million in funding.

Founded in 2014 by chief executive Mingming Zhu and chief financial officer Eric Wong, Rokid’s core products consist of its smart speakers, the Rokid Pebble and Alien, as well as the newly debuted Rokid Glass augmented reality spectacles. The company’s most exciting offering, however, is its Full Stack Open Platform, a collaborative effort made in partnership with Alibaba that gives third-party developers backdoor access Rokid’s software suite and hardware integration and will – it hopes – help give its offerings the accessibility and recognition they need to thrive outside its home market of China.

Rokid is particularly keen on bringing its products to the U.S., where it believes it can challenge Google and Amazon’s dominance in the smart home arena. Amazon makes the Amazon Echo, while Google has Google Home.

The Series B

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